Tesla Ditches Bitcoin Payments Over Environmental Concerns

Tesla CEO Elon Musk has had a change of heart about cryptocurrency. In March, he announced that Tesla would accept Bitcoin for its electric cars, and in fact, the company even bought $1.5 billion worth of it.

However, on Wednesday afternoon, Musk tweeted that due to Bitcoin's 'great cost to the environment,' Tesla will no longer offer it as a payment option for its zero-emissions vehicles.

Musk's decision comes after environmental group Sierra Club pointed out that Bitcoin mining produces as much carbon dioxide each year as New Zealand. The group also claims that the next 30 years of Bitcoin mining could raise the world's temperature by two degrees Celsius.

Tesla still has its Bitcoin holdings, but Musk says they won't be sold until mining becomes more sustainable. He's also expressed interest in finding more energy-efficient cryptocurrencies, although he didn't name any specific ones.